Stuck property vendors that are being forced to make the move into the UK buy to let market, are being warned by landlord and lettings specialist service provider Legal 4 Landlords, that they need to spend more time researching the area where the property is and spend more time understanding the mechanics and legalities of becoming a proper landlord.
There are a wide range of factors which need to be considered carefully, including a good understanding of how to protect and maintain rental properties, understanding and drawing up legal tenancy agreements, (AST), tenant referencing, rent guarantee insurance, and in worse case scenarios, where the tenant defaults on the rent, tenant evictions.
Many new landlords do not even know the basics about getting the right type of landlord insurance for the protection of their rental assets.
Market knowledge is absolutely fundamental in the UK Private Rented Sector, (PRS), and landlords need to be absolutely sure of their legal position when it comes to housing tenants.
The student and House in Multiple Occupation (HMO) markets are set to see many more legislation changes over the next 18 months and UK landlords need to ensure they keep abreast of all changes in the law governing PRS tenancies and the UK Buy-To-Let market in general.
If you are a new landlord and have questions about any aspect of being a landlord, including the legal processes surrounding housing tenants, it is recommended that new landlords should seek a consultation with a professional property lettings or property management agent or ask property professionals for help.